Bed Stuy Garage: Do the Numbers Work?
We’re not involved enough in the development biz to make a call on this one but at first glance it certainly looks interesting: A 50-by-91 garage which takes up an entire lot on Clifton Place between Bedford and Franklin. The zoning is C2-3/R6 and the price is $1.2 million. Notice, too, that there are two…
We’re not involved enough in the development biz to make a call on this one but at first glance it certainly looks interesting: A 50-by-91 garage which takes up an entire lot on Clifton Place between Bedford and Franklin. The zoning is C2-3/R6 and the price is $1.2 million. Notice, too, that there are two corner lots nearby that one can only assume will also be developed at some point. So, are there any developers out there who can run the numbers on this?
220 Clifton Place [Prudential Douglas Elliman] GMAP P*Shark
here is link to corcoran listing for Flatbush avenue opposite proposed arena
for $10m. Wouldn’t have a clue how they price this either but will be interesting to see this sold and the eyesore removed. Why corcoran and not masseyknakal, who knows.
http://corcoran.com/property/listing.aspx?Region=NYC&ListingID=885628
Clintin Hill and Fort Greene are being downzoned together.
You are right ithought, R6B is 2.0 FAR. Oops.
http://www.historicfortgreene.org/r6b.html
Why isn’t Clinton Hill jumping on the downzoning bandwagon. If Bed-Stuy and Fort Greene are restricted, what does that mean for us?????
I thought R6B had a 2.0 FAR.
Just so you all know. This area is about to be rezoned as a part of a Bed-Stuy downzoning that is very similar to the downzoning of Fort Greene / Clinton Hill. While developers will retain the 2.2 FAR in the R6B zoning to come, they will lose the unlimited heights and the use of “community space” to pad their buildings. The new maximum height will be 50 feet.
Perhaps it’s being marketed like several other sites closeby, lilke 174 Clifton Place (see “Pillaging Clifton Place MMG-Style” (Aug 7/Brownstoner). With a “community service org” on the first floor, a developer gets a 3X FAR for residential and the first floor can be built to the property lines. On top of that, until proposed down-zoning goes in next year, there are no height limits. Someone at the borough president’s office told me that “the zoning for our area has been on the books and overlooked for 45 yrs– and was intended for SKYSCRAPERS!”
Perhaps it’s being marketed like several other sites closeby, lilke 174 Clifton Place (see “Pillaging Clifton Place MMG-Style” (Aug 7/Brownstoner). With a “community service org” on the first floor, a developer gets a 3X FAR for residential and the first floor can be built to the property lines. On top of that, until proposed down-zoning goes in next year, there are no height limits. Someone at the borough president’s office told me that “the zoning for our area has been on the books and overlooked for 45 yrs– and was intended for SKYSCRAPERS!”
it’s a 2.2 on the far not 2.43, so your talking $120 a foot + $200 construction costs + carrying costs,
now let’s think what’s your sellout $400? $425? you tell me dose it make sense?